We expect that this is a 1920s style as it lacks the heavy sole and extremely high heel of men’s Edwardian styles. The perforations are more delicate than the stylings of that era as well.
Absolutely adorable Sigma Pi Fraternity Spring Formal compact.
Wikipedia identifies this fraternity as a secret and social collegiate fraternity… Which, if it is the same chapter, might explain the extravagant nature of goodies handed out at their dances.
[When you start a good Swing Era collection you hope you can find a splendid example of a lady's compact... this one hit the jackpot as it's not just a metal compact but a dated giveaway from a dance. It doesn't get any better than that!]